On January 1, 2024, Select Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: Beginning inventory Net purchases Net narkups Net narkdowns Net sales Retail price index, end of year Beginning inventory Plus: Net purchases Estimate ending inventory using the dollar-value LIFO retail method. Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.) Net markups Less: Net markdowns Goods available for sale (excluding beginning inventory) Goods available for sale (including beginning inventory) Base layer cost-to-retail percentage 2024 layer cost-to-retail percentage Less: Net sales Cost $ 57,200 231,840 Answer is complete but not entirely correct. Estimated ending inventory at current year retail prices Estimated ending inventory at cost Retail $ 88,000 370,000 8,000 10,000 347,000 1.04 Cost 57.200 231,840 231,840 289,040 37,8674 $ Retail 88.000 370,000 8.000 (10,000) 368,000 456,000 (347,000) 109,000 Cost-to- retail Ratio 70.00% 67.00%

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.